Multiple Choice Questions on Statement 1 In the short run production function there are both fixed and variable factors Stat........... for Common University Entrance Test (CUET) Preparation

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Multiple Choice Questions

Statement 1 In the short run production function there are both fixed and variable factors Stat...........

Economics (CUET) Theory of Production and Cost
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    Statement 1: In the short-run production function, there are both fixed and variable factors.

    Statement 2: Law of variable proportion works in the long run in the field of production.

     

    Both the statements are true.
     

    Incorrect Answer

    Both the statements are false.
     

    Incorrect Answer

    Statement 1 is true but statement 2 is false.
     

    Correct Answer

    Statement 1 is false but statement 2 is true.
     

    Incorrect Answer
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    Explanation:

    Option (3) is correct.
    Explanation: In the short-run production function, there are two factors, fixed and variable. This law of variable proportion operates in the short-run and not in the long-run.

    By: Parvesh Mehta
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